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    Dhanalakshmi Bank Car Loan Reviews

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    Dhanalakshmi Bank Car Loan

    Car Loan BYTES FROM OUR KITCHEN

    Dhanlaxmi Bank Ltd is an old private sector bank headquartered in Thrissur City, Kerala, India. The bank was focusing mostly on Southern states like Karnataka, Tamil Nadu, Andhra Pradesh and Kerala. Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to their strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that they have grown from strength to strength. Car Loans is the ideal way to finance your new set of wheels. Now you can acquire your favourite small car, sedan or luxury vehicle with flexible repayment options. Read on to learn about the eligibility and documentation requirements for the Dhanalakshmi car loan.


    You’re probably eligible for an Dhanalakshmi Bank Car Loan if you are

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    Dhanalakshmi Bank Car Loan Minimum Age

    At least 21 years old

    Dhanalakshmi Bank Car Loan Maximum Age

    Less than 60 years old

    Dhanalakshmi Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Dhanalakshmi Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Dhanalakshmi Bank Car Loan amount eligibility is based on these factors

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    Dhanalakshmi Bank Car Loan Minimum Salary

    Minimum income required
    Rs.1,20,000 per annum

    Dhanalakshmi Bank Car Loan Maximum Loan to Value

    Loan capped @
    95% of the ex-showroom price

    Dhanalakshmi Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Dhanalakshmi Bank Car Loan amount by these steps

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    Dhanalakshmi Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Dhanalakshmi Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Dhanalakshmi Bank Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Dhanalakshmi Bank Car Loan Interest RatesUpdated on 01 Oct 2016

    Dhanalakshmi Bank Car Loan Details
    Interest Rate 10.35% to 10.60%
    Processing Fees 1% of the loan amount
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% + Service Tax of Principal Outstanding

    Overview About Dhanalakshmi Bank Car Loan:

    Dhanalakshmi Bank Ltd was conceived in 1927 and currently has 280 branches. It is headquartered at Thrissur city and offers products and services to meet all your financial needs; including credit cards, mortgage, investment banking etc. In the loans category, car loans is one of the options which is provided at competitive interest rates and flexible repayment options. Customers can opt for new or used car loans in a quick and hassle free process.

    Why choose Dhanalakshmi Bank Car Loan?

    It’s really no wonder that customers keep coming back to Dhanalakshmi for all their financial needs. When you choose Dhanalakshmi Bank for a car loan, you get to enjoy the many benefits like hassle-free documentation, flexible repayment etc. You can also get upto 95% financing for the car of your dreams.

    Features of Car LoanDhanalakshmi Bank

    Flexible Repayment Tenure

    The loan amount and interest charges can be repaid in up to 84 EMIs. An unique feature from Andhra bank is the option to also make the repayment in quarterly/half yearly/yearly basis. This kind of flexibility ensures that you get to choose a term of your choice, as per your budgeting requirement.

    Simple Documentation

    With just basic documents to meet the KYC guidelines along with paperwork relating to the proposed car, the application process is largely hassle free.

    Funding

    • For a new car: 95% of the Ex showroom cost (or) 85% of the On road cost (Ex showroom cost+ Registration + Insurance + Road tax)
    • For a used car: 60% of the value of the vehicle, as valued by the approved representative of the Bank

    Why apply for a Dhanalakshmi Bank Car Loan through BankBazaar.com?

    Bank Bazaar is a one-stop place for all financial products including car loans. When you apply for a car loan through Bankbazaar, you can easily compare the pros and cons of various loan offers from different banks. Further, the Bankbazaar representatives will handhold you through the entire process, helping you make the best choice based on your requirements. Further, you will be eligible for the best rates and schemes thanks to BankBazaar’s association with various banks.

    Dhanlaxmi Bank Car Loan Interest Rates

    Dhanlaxmi Bank has set the MCLR at a benchmark rate which is effective from 7th May, 2016, for the Dhanlaxmi Bank Car Loan. New borrowers will be levied interest based on this system. Existing Dhanlaxmi Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations. The tenure based MCLR rate is as follows:

    Tenure Rates of Interest Rate of Interest (%) p.a.
    Overnight MCLR 10.05%
    2 days - 1 month 10.05%
    More than 1 month - 3 months 10.05%
    More than 3 months - 6 months 10.35%
    More than 6 months - 1 year 10.45%
    More than 1 year - 2 years MCLR 10.50%
    More than 2 years - 3 years MCLR 10.80%
    More than 3 years - 5 years MCLR 11.00%
    More than 5 years 11.20%

    The existing Dhanlaxmi Bank Car Loan Base Rate = 11.40% per annum.

    Eligibility Criteria for a Car Loan from Dhanalakshmi Bank

    Salaried employee:

    • Applicant must be atleast 21 years of age
    • Maximum age of Applicant at loan maturity is 60 years
    • Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
    • Must be employed for at least one year in current employment and should have at least two years of work experience in total.

    Self-Employed / Professionals:

    • Applicant must be atleast 21 years of age
    • Maximum age of Applicant at loan maturity is 65 years
    • Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
    • Should be in the same business for a minimum of three years

    Private Limited Company and Public Limited Company:

    • Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
    • Should be in the same business for a minimum of three years

    How to calculate EMI onDhanalakshmi Bank Car Loan

    It is a good idea to figure out the EMI before you sign your name on the cheque so you will have an idea of what exactly you are getting into. It also helps in choosing the best terms. It is easy to calculate the EMI using the car loan EMI calculator under the Finance Tools section in Bankbazaar.com.

    First you should have at hand the following details: the loan amount, Rate of interest, proposed tenure and processing fee (if any).

    1. Go to Slider 1 to choose the Loan amount. Go to slider 2 to choose the tenure.
    2. In the following fields enter the interest rate and processing fee.
    3. Click on the “Calculate” button to get a detailed result which includes the EMI amount and Amortisation table. You can use these key details to make your decisions.

    Dhanalakshmi Bank Car LoanFAQs

    1. What are some of the other charges that I would need to pay?
      • The processing fee for both new and used car is 1% of the loan amount.
      • The foreclosure charges is 2% + ST of Principal Outstanding
      • Cheque Bounce charges is Rs 500/- + ST
      • NOC issuance charges is NIL for 1st issuance, then it is Rs 500/- + ST
    2. Are there any Nonrefundable fees or Part Prepayment Charges?

      No, there are not any Nonrefundable fees or Part Prepayment Charge

    3. What are the documents required to apply for a car loan?
      • Application Form that is duly filled.
      • Passport size colored photographs
      • Identity proof (Passport copy/ Driving License/Pan Card/ Voters ID card/ Employee ID Card (If employed with PSUs/ MNCs/ Public limited companies/other government companies)
      • Address Proof (Ration Card/Telephone Bill/Electricity Bill/ Property Tax/Receipt/Life Insurance/premium receipt/Sale Agreement/Municipality TAX receipt/ /Valid Leave and License agreement.)
      • Bank Statement – Latest 06 months bank statements
      • Additionally:
        • If you are a salaried employee; Proof of income in the form of 6 months’ salary slip or Salary certificate, ITR for last 2 years and Form 16.
        • If you are a self-employed/professional; Proof of income in the form Last 3 years’ ITR and One previous year ITR with Advance tax challan of current year.
        • If you are in a partnership firm, you will need the Proof of Income in the form of Audited Financials and ITRs for last three years, as well as the Partnership Deed.
        • If you are in a private or public limited company, you will need Proof of Income in the form of Audited Financials and Last three years’ ITR. You will also need the Memorandum of Association/Articles of Association.
    4. Can the status of a Dhanlaxmi Bank car loan application be checked online?

      Yes, Dhanlaxmi Bank car loan customers can check the status of their car loan applications on the bank’s website via internet banking.

    5. Can customers apply for a Dhanlaxmi Bank car loan online?

      Yes, customers can apply for a Dhanlaxmi car loan online by entering certain personal details, loan amount, residence status and employment type.

    6. Can Dhanlaxmi Bank car loan customers use the joint application facility while availing the loan?

      Yes, joint applications can be made by Dhanlaxmi Bank customers along with their family members.

    7. What is the processing fee charged by Dhanlaxmi Bank while approving new car loans?

      Dhanlaxmi Bank charges a processing fee of 1% of the availed loan amount for new car loans.

    8. Does the applicant’s CIBIL score help in determining the eligibility criteria for Dhanlaxmi Bank car loans?

      Yes, applicants are required to carry a good CIBIL score while applying for car loans with Dhanlaxmi Bank.

    9. What are the income documents that have to be submitted while procuring a Dhanlaxmi Bank car loan?

      As per the employment category of the applicant the following income documents have to be furnished -

      • Salaried Individuals - Pay Slips for the last six months/ Form 16/Income Tax returns for the last two years
      • Self Employed Professionals - IT Returns Statements for the past three years / previous year’s IT Returns Statement with Advance tax challan of the current year.
      • Partnership Firms/ Private/Public Limited Company - IT Returns Statements for the past three years / Audited Financial Report
    10. What is the maximum car loan amount that will be sanctioned by Dhanlaxmi Bank?

      The maximum car loan amount that will be sanctioned by Dhanlaxmi Bank is 95% of ex-showroom price of the vehicle or 85% of the on-road price.

    11. What is the minimum loan term that can be chosen by Dhanlaxmi Bank car loan borrowers?

      The minimum tenure that can be chosen by borrowers for a Dhanlaxmi Bank car loan is twelve months.

    12. What is the maximum tenure that can be chosen by a Dhanlaxmi Bank car loan borrower?

      The maximum tenure that can be chosen by borrowers for a Dhanlaxmi Bank car loan is up to sixty months.

    13. Does Dhanlaxmi Bank charge any foreclosure penalty for customers closing their car loans before the completion of the loan tenure?

      Yes, Dhanlaxmi Bank charges a penalty of 2% of the outstanding amount along with the service tax for customers pre-closing the car loan.

    14. Can individuals make balance transfers from an existing car loan account to a new Dhanlaxmi Bank car loan account?

      Yes, other bank car loan customers can make balance transfers to a new Dhanlaxmi Bank loan account.

    15. What is the evaluation process done by Dhanlaxmi Bank when a new car loan application is submitted?

      Dhanlaxmi Bank customers can download the application form and submit the form with the list of required documents. Dhanlaxmi Bank will conduct verification on the applicant and then sanction the required loan.

    16. How long does it take for Dhanlaxmi Bank to process a car loan application?

      Dhanlaxmi Bank generally sanctions car loans with quick processing and fast disbursements and with minimum documentation requirements.

    17. How is the interest rate determined for new car loans given by Dhanlaxmi Bank?

      The interest rate for a new car loan is decided as per the base rate and is offered as a fixed interest rate by Dhanlaxmi Bank.

    18. Can Dhanlaxmi Bank car loan customers contact the helpdesk through Phone Banking for addressing any queries and concerns?

      Yes, Dhanlaxmi Bank car loan customers can conveniently contact the toll-free customer care helpdesk number - 1800 425 1747 or through an alternative number, 91 0487 6613000.

    19. How can repayments be done for a Dhanlaxmi Bank car loan?

      Repayments can be done by borrowers using monthly installments through ECS debits or standing instructions.

    20. What are the various other charges that have to be paid by Dhanlaxmi Bank car loan borrowers while availing the loan?

      The other types of additional charges that have to be paid by new car loans borrowers are - documentation charges and processing charges.

    21. Do customers have to submit a guarantor while availing a Dhanlaxmi Bank new car loans?

      No, a guarantor is not required while availing Dhanlaxmi Bank car loans.

    22. Do borrowers have to provide any security collateral while availing new car loans with Dhanlaxmi Bank?

      No, car loan customers do not have to submit any security collateral for Dhanlaxmi Bank car loans. The hypothecation of the new vehicle is only required.

    23. What are the modes that can be used by borrowers to repay Dhanlaxmi Bank car loans?

      Dhanlaxmi Bank car loans can be repaid as monthly installments via Dhanlaxmi Bank accounts, post-dated cheques, direct debits or ECS.

    24. IS it mandatory for new car loan borrowers to open a savings account with Dhanlaxmi Bank?

      No, it is not compulsory to open a savings bank account with Dhanlaxmi Bank, while availing a car loan.

    25. What are the different kinds of cars financed by Dhanlaxmi Bank?

      All kinds of private vehicles like sedan, small cars, luxury cars and pre-owned cars are financed by Dhanlaxmi Bank.

    26. Who is eligible to avail a Dhanlaxmi Bank car loan?

      Salaried individuals and self- employed professionals aged above 21 years, partnership firms, private and public listed companies are eligible to avail a Dhanlaxmi Bank car loan.

    27. What is the minimum income criteria that has to be met by Dhanlaxmi Bank car loan applicants?

      As per the employment category of the applicant the respective income criteria has to be met -

      • Salaried Individuals - A total work experience of two years/ One year at the current company
      • Self Employed Professionals/ Partnership Firms/ Private/Public Limited Company - Business continuity of three years.
    28. What is the minimum annual income requirement to be shown by Dhanlaxmi Bank car loan applicants?

      All categories of applicants have to show a minimum annual income of Rs. 1, 20,000 to be eligible for a Dhanlaxmi Bank car loan.

    29. What are the late payment charges levied by Dhanlaxmi Bank for car loan borrowers?

      Dhanlaxmi Bank charges a fee of 3% every month for late payments and delayed payments of car loan monthly installments.

    30. What are the documents that have to be submitted by salaried individuals while availing a Dhanlaxmi Bank car loan?

      The following documents have to be submitted by salaried applicants -

      • Filled-in Application Form
      • ID Proof - Passport / PAN Card/ Driving License/ Voter’s ID/ Employee’s ID card (if employed with Government Concerns)
      • Passport Size/ Colour Photograph
      • Bank Account Statement for the last six months
      • Address Proof - Ration Card/ Electricity Bill/ Telephone Bill/ Sale Agreement/ Life Insurance Receipt/ Property Tax Receipt/ Municipality TAX receipt/ Leave and License Agreement
    31. What are the documents that have to be submitted by self-employed professionals while availing a Dhanlaxmi Bank car loan?

      The following documents have to be submitted by self-employed professionals -

      • Filled-in Application Form
      • ID Proof - Passport / PAN Card/ Driving License/ Voter’s ID
      • Passport Size/ Colour Photograph
      • Bank Account Statement for the last six months
      • Address Proof - Ration Card/ Electricity Bill/ Telephone Bill/ Sale Agreement/ Life Insurance Receipt/ Property Tax Receipt/ Municipality TAX receipt/ Leave and License Agreement
    32. What are the documents that have to be submitted by partnership firms, private and public limited companies while availing a Dhanlaxmi Bank car loan?

      The following documents have to be submitted by partnership firms, private and public limited companies -

      • Filled-in Application Form
      • ID Proof - Passport / PAN Card/ Driving License/ Voter’s ID
      • Bank Account Statement for the last six months
      • Address Proof - Ration Card/ Electricity Bill/ Telephone Bill/ Sale Agreement/ Life Insurance Receipt/ Property Tax Receipt/ Municipality TAX receipt/ Leave and License Agreement
      • Partnership Deed for Partnership Firms
      • Articles of Association / Memorandum of Association for private and public limited companies.
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